Glenn Beck: Bank bust - Who's to blame?


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GLENN: Today I want to lay the case out to you, because we have to know what happened to the economy. You have to know that they are printing money as we speak at the Treasury. You have to know what you know and know who caused it, how did it start, and you've got to bring yourself up to speed rapidly to be able to share with your friends the truth so they know how to make a decision on which one of these candidates, if either of them, was responsible. Which one of these candidates can help us get out of the mess.

Yesterday Barack Obama said, and I quote: Senator McCain bragged about how as chairman of the commerce committee in the Senate he had oversight of every part of the economy. Well, I can say to Senator McCain, nice job, nice job. He was in Vegas and he said, quote: I will crack down on predatory lenders, the all too often target the African American community, the one that targets the Hispanic community with tough new penalties that treat mortgage fraud like the crime that it is. And the crowd went wild.

It is important that you hear, "I will crack down on predatory lenders." Have you heard that before? The people that often target the African American community, target the Hispanic community with tough new penalties. Got it? Okay.

Today I'm going to lay out the case for you in the next 10 minutes and I think you're going to understand who is responsible for this credit crunch and this credit crisis, and you ain't gonna like the answer, but this I believe is a big part of the answer. The Community Reinvestment Act. It was started, it was a "Feel good" measure back in the 1970s and Jimmy Carter started it, "We've got to invest in our communities again." Well, in 1992 Boston's Federal Reserve did a study. They funded this study and in this study they found subtle racism in the banking system, discrimination in lending. This is again from the Boston race study, discrimination in lending. There were a couple of things in there that were stark. For instance, they showed a white guy and a black guy. Both went in to buy a house for $60,000. The black man didn't get the loan even though his assets, his net worth was stated as $10 million. The bank didn't give a $60,000 loan to a guy who had $10 million in assets. How did that happen other than you didn't want to lend to a black man. Well, the Fed used this study and they brought it to congress and congress just latched onto this thing. Unfortunately within just a couple of months, another group, another university came in and looked at this study and said, wait, wait, wait, wait, wait, we've looked at the raw data; these are mistakes in here. First of all, the analysis is wrong, but the facts are wrong. In the one that everybody was using, the black guy with the $10 million in assets that didn't get a loan, it wasn't $10 million. When you looked at the raw data, it was $1,000. He had $1,000 in assets. So the subtle proof that was left to stand, because nobody went back and revised it. Nobody went back and said, oh, well, okay, we have to throw this study out because it is so wrong. They just let the subtle proof, and here was the subtle proof.


The discrimination in lending, see if any of these sound familiar in 1992. Discrimination in lending was that banks wouldn't make loans in low income areas. So if you were in Detroit and you had a house that was selling for $100,000 last year and is now worth $10,000, the banks were like, no, we're not going to loan anybody any money; it's a bad section of town. The other subtle proof, banks had minimum lending requirements. So in other words, they could say we only lend $10,000 because there's no money in it for us at $2,000. We only lend 20 because there's no money in $10,000. That was racism. The application fee was racist. The fact that you had to actually say "Could you verify your income" was racist. That was 1992.

In 1992 again they wanted to revise the Community Reinvestment Act and they wanted to put in all of these penalties if you were being racist. Now, under the CRA, the banks had to convince a set of bureaucracies that they weren't engaging in discrimination, and the discrimination could be called by anybody. You could just raise your hand and say they're discriminating. ACORN was a big one that said discrimination. But again what counted as discrimination after 1992, arbitrary or outdated criteria. That outdated or arbitrary criteria income level, income verification, credit history and savings history. Do any of those things sound familiar? So to satisfy the demands of what now had been passed into law, lenders developed a sub prime mortgage. Didn't have sub prime before. That way potential borrowers who couldn't qualify for the 30 year traditional fixed mortgage had a way, so the bank wasn't being racist. In 1994 less than 5% of mortgage were sub prime. By 2006 20% of new mortgages were sub prime. Politicians and the Fed, they were excited about this, this is fantastic. It's a new mortgage that puts families in homes, gives them a piece of the American dream. How many times did you hear people say that? In 1994 Janet Reno said the Justice Department was going to go after banks that were racists. They said today's actions demonstrate we will attack lending discrimination wherever it is and whatever form it appears. No loan is exempt. No bank is immune. For those who thumb their nose at us, I promise vigorous enforcement. Sounds a little like Barack Obama today. Just so you know, there were no fines. You didn't even have to report this information to the government, but here's what happened. If you didn't, you were called racist. That's your fine. You were called a racist bank. If you wanted to open a branch, if ACORN decided to come against you, they would protest your opening up of a branch in that area and they would say you were a racist lender. If you wanted to do a merger, you couldn't do a merger because you hadn't played ball. You hadn't done the low interest rate, the mortgage with no income verification. Those in Washington stood in your way on any business you wanted to do.

Why do you think when J.P. Morgan and Chase teamed up, when they merged together, why do you think the first thing they did when they announced that merger was to make a gigantic donation to ACORN? It was extortion. Everybody was excited about this. Alan Greenspan came out in support of the mortgage options. He said Americans, consumers I'm quoting might benefit if lenders provided greater mortgage product alternatives to the traditional fixed rate mortgages. The chairman and CEO of Freddie Mac made affordable housing a priority and created new mortgage products that allowed for lower down payments. This was in 2004. Ten years, ten years after they enacted all of these laws to make sure that nobody was being discriminatory.

President Bush in 2004 launched his down payment initiative which provided assistance to low income families to help them with their initial down payment, which was quickly followed by his zero down payment initiative which eliminated the requirement of a minimum 3% down payment for FHA insured single family mortgages. If you were a first time buyer, zero down. In 2005 Barack Obama said it's not good enough that the real estate market is prospering for some. Everyone has to be able to get affordable housing.

Barney Frank said no one wants to be called out for racism by opposing any of these requirements. In 2007 Barney Frank went on to say the data showing serious housing discrimination in the granting of mortgages in Boston is very troubling. The serious housing discrimination in Boston is troubling and must be addressed. Same year, Senator Chris Dodd proudly took credit for helping pass a revised Community Reinvestment Act with the help of Reverend Jesse Jackson. Earlier this year Senator John McCain responded to a question by Larry Kudlow. He said, "Absolutely there were people that predicted that the Community Reinvestment Act might lead to reckless and unsound lending practices just short of a fill in the amount of I don't like to use the word quota, but certain percentages of a home of the bank's lending practices, it has to be reexamined. It has to be judged by its effect. We need to find out how this particular system affected the overall insolvency of the subprime lending issue and I think I'm not saying it needs to be repealed but it certainly needs to be examined and what its effects have been and we'll be able to figure that out. Really. As Nancy Pelosi says, along with Harry Reid, that we need to create yet another government agency to handle these situations. That we need another federal agency now to help bail out the people that got these loans because there wasn't any oversight. I contend it was the politicians that pushed people into this situation. It was the politicians that made this possible, and it was not just the Democrats. It was the Republicans as well.

The House approved a new aid package for Ukraine of nearly $40 billion, which will increase the total U.S. funding for Ukraine's war efforts to a whopping $58 BILLION since March, if the package passes in the Senate. Meanwhile, DHS Secretary Alejandro Mayorkas testified before Congress that the Biden administration is considering diverting resources away from an already-struggling VA (Department of Veterans Affairs) to deal with the border crisis.

"I am not making this up -- this will [make] your head explode," Glenn Beck said in the radio program Thursday. "They are going to divert costs; the Biden administration is taking money from the VA. Now already, our veterans get seconds, and we are [considering] diverting VA funding, and doctors, and nurses, away from our vets and to the migrants at the border, so we can take money that we don't have, $58 billion, and send it to Ukraine. What the hell is wrong with us?"

"Now, some Republican lawmakers are attempting to fight this," he added. "But, most people haven't even heard of this. This is how the atrocities at the border go unchecked. Biden sweeps it all under a rug. The mainstream media covers it up. And, meanwhile, people suffer and die. And in this case, it's not only the people on the border, but it is also our veterans in VA hospitals."

Glenn went on to detail the unreported deadly consequences of Biden’s border policies which have led to enough fentanyl to kill millions of Americans pouring across the border and terrorists having found easy paths into our country.

Watch the video clip below to hear more from Glenn:

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Corruption, greed, and death. This is what the Left’s border policy is REALLY about, not the humanitarian effort they claim it is.

On tonight's episode of "Glenn TV," Glenn Beck exposes the groups benefitting from the border chaos under the Biden administration. A leftist money supply flows to NGOs on the border that are now taking the roles that the government should be filling with immigration and helping immigrants to flood into the U.S. Glenn asks: Why is the U.N. funding the flow of migrants to our border and subverting Congress? Why are former Biden staffers working for “non-profits” that are now getting exclusive, HIGHLY irregular multimillion-dollar border contracts? Worse than that, the consequences of Biden’s border policy have now turned deadly. National Guard members at the border are dying, fentanyl from China pours across the border, and terrorists have found an easy path to enter our country.

Finally, Glenn asks Texas Rep. Chip Roy if it’s time to impeach DHS Secretary Mayorkas for his negligence that is costing American lives.

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I can no longer relate to the modern pro-choice woman. I don’t want to shout my abortion. I want to pretend it never happened. Up until the SCOTUS leak, I had done a pretty good job of burying my 20-year secret. But the Roe v. Wade information earthquake triggered an eruption. I can no longer pretend to be ambivalent or leave it to blue-check pro-lifers to speak for me. My days of repeating the “safe, legal, and rare” mantra like a good, GenX libertarian feminist are over.

Some pro-abortion activists call their life-ending procedure “self-care,” like they just booked a hot stone massage or a facial at a spa. This is a polite euphemism many women tell themselves – not because we are cold-blooded killers, but because it’s how we survive. We HAVE to lie in order to justify what is actually taking place. Denial is a protective coating, a barrier from the truth. Remember, any woman born after Roe v. Wade has been programmed to believe that abortion is a natural-born right. “It’s legal; therefore it must not be evil. This is a medical procedure. Women do it every day.” Planned Parenthood has a nice way of describing abortion on its website: “A doctor uses a combination of medical tools and a suction device to gently take the pregnancy tissue out of your uterus.” “Gently take the tissue out.” Benign euphemisms that wrap our hearts and minds in a suffocating cocoon. Benign euphemisms to keep us in line.

I was raised in the Bible Belt and to believe that sex before marriage was the gravest of sins. You’d be better off robbing a store by pistol than to be caught fornicating with a boy. And yet I did fornicate with a boy. No boy I’d ever be proud to bring around to my parents. I never gave him the option to talk me out of it. I just demanded he pay half for the procedure and never speak of it again. I told myself it would be easier to survive the hidden shame of the abortion than wear the shame of my sin on my belly for the next nine months.

...the pill I took made an ugly, painful mess, and it didn’t finish the job.

I took the so-called “easy” way out at six weeks along and swallowed a pill I got from some abortionist who gave me the creeps. He was no medical saint like the one portrayed in “The Cider House Rules,” nobly saving women from coat-hanger abortions. The doctor in my story made a quick buck at the expense of terrified “good girls.” Years later I would learn he kept aborted fetuses in buckets and was under investigation for shady medical practices. I couldn’t leave his clinic fast enough, but at least I wouldn’t have to miss work or skip my college classes. I could finish my degree and still make my parents proud. How convenient. But the pill I took made an ugly, painful mess, and it didn’t finish the job. Now I had to see a real obstetrician, get an ultrasound, and deal with the aftermath.

This doctor’s office was nicer. It had bright lights and pink walls. Although my doctor was professional, I still felt the quiet judgment in her voice. I refused to look at the image of my tortured fetus on the screen. I knew what it would mean if I did – my feminist career ambitions would lose the battle to my soul if I looked at that baby. The doctor told me the fetus was still viable but likely mentally damaged. The “kinder” thing to do would be to finish the job at an in-clinic abortion. End the fetus’ suffering and end my own self-torture. I woke up from anesthesia to learn the abortion was complete. It’s over so quickly, but the internal conflict hangs. And hangs.

You find weird ways to cope. Not long after, I discovered an abandoned robin’s egg, still perfectly intact. I wrapped it in a sock and carried it with me for over a decade. If I couldn’t do right by my own child, maybe I could keep this unhatched egg safe. Eventually, I had to come to terms with the fact that the bird egg was dead, and I got therapy. He was a good New York psychologist. Secular, liberal, tolerant. He helped me to forgive myself, but I always knew who I really needed to ask for forgiveness …

It’s easy for a young woman with all those stockpiled eggs in her ovaries to be pro-choice. She can toss away the miracle of life like a rotten banana or a bruised apple because it is easily replaced. It wasn’t until I was forced to confront the mortality of my own fertility that I felt the full force of my regret.

But I do not write this letter to achieve redemption or to be the new face of the pro-life movement. You will not see me pleading with women outside an abortion clinic. You will not see me protesting with a cutesy, homemade sign at the March for Life. You will not see me sparring on Twitter, confronting baby-killers with cold, hard facts. For now, you will not even know my name. I suppose this is not very brave, but my story is not complete and God’s work in me is in an active state. Mine is a modest mission: Maybe if I’m honest about my own wounds, I can help other women like me to heal. Maybe I can love the terrified, knocked-up woman in the Bible Belt who believes the best worst lies our society has ever told, better than any conservative talk show host ever could.

The SCOTUS leak ripped a band-aid off a festering 50-year-old wound.

The SCOTUS leak ripped a band-aid off a festering 50-year-old wound. It’s naive to think we will fix this mess for the unborn overnight and deprogram men and women plugged into 50 years of slick, well-packaged lies. Slavery was legal in the U.S. for over 200 years before we fought a war to end it. And it was another 100 years before we ended state-sanctioned racism.

When it comes to the issue of defending innocent life, I know it’s hard to be patient. This is a clear battle of good vs. evil for many on the right, but you need allies like me – the former “safe, legal, and rare” pro-choicers who are afraid to come out of the shadows. Afraid to become a political prop in the culture wars, but willing to do the quiet missionary work in our back yards.

I hope for the day future progressives look back in horror at today’s progressives fighting to keep abortion on demand. I hope for the day the New York Times publishes the pro-life version of the 1619 Project. Maybe they’ll call it the “1973 Project,” “whose mission is to reframe the country's history by placing the consequences of abortion and the contribution of the pro-life movement at the very center of our national narrative.”

Until that day, I want to help these women to be braver than me. To see beyond their impossible tomorrow. If I had allowed someone the chance to help me be brave, I might not have had the same successful career, but I would have a 20-year-old son or daughter in whom to invest this unexplained overflow in my heart.

Dear EV drivers: Think you're safe from soaring gas prices? Think again.

Image source: (Left) Smith Collection/Gado/Getty Images (Right) Video screenshot

Diesel fuel prices have surged to record levels, adding to already record-high inflation in the U.S. But most Americans don't drive cars that run on diesel, and many have turned to electric vehicles (EVs) to avoid the ever-increasing pain at the pump. So, how would diesel supply shortages — and the resulting sky-high prices — affect you or your budget?

On the radio program Monday, Glenn Beck explained why every American should be concerned about the rising cost of diesel.

"Diesel fuel is the fuel that powers the economy," Glenn began. "How does that work? Well, let's start over in China. You want something from China, you have to put it onto a big boat, a slow boat from China, and that's powered by diesel.

"Then, it gets to our docks," he continued. "You know all of those big cranes and everything else that take that crap off of the ship and then put it on the ground? Run by diesel. And then the forklifts that come and pick it up and then bring it over to the train, those run on diesel. And then the train, those engines, they run on diesel. And then the trucks that get it halfway across the country from the train where they're picked up again by the forklifts, run by diesel. Then they're put into another truck, also run by diesel."

"I sure hope all the people bragging about their electric cars as gas prices skyrocket have a backup plan for their food too. Because as diesel prices go crazy, so does the price of EVERYTHING," Glenn posted on Twitter.

Watch the video clip below to hear Glenn explain how diesel supply shortages will affect all of us:

Can't watch? Download the podcast here or listen to the episode highlights below:

Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.